Banwell House Pub Company, the group led by former Greene King regional manager Toby Brett, has agreed to manage the Globe Inn in Wells, on behalf of Red Oak Taverns, the new vehicle set up by Mark Grunnell and Aaron Brown, former associates of Robert Tchenguiz.

The company, which currently operates three freehold pubs across the South West, will manage the site when it re-opens next month until a permanent tenant is put in place by Red Oak.

Brett told the Wells Journal: “Red Oak are not your typical pubco. They are working to refurbish the Globe to a high standard and we will take over running the pub from May 11. We will get The Globe trading to a good level and then Red Oak will look round for a tenant to take it over permanently. The new tenant will be able to see all the accounts and be sure that what they are getting is a good, sound, business.”

Grunnell and Brown bought 32 pubs that were previously part of the Iranian property tycoon’s R&L Properties pub empire, through their new vehicle Red Oak Capital Partners at the start of last this year.

Red Oak Taverns was formed as the company to oversee the pub venture, with further sites expected to be added to the portfolio.